"We’re seeing liquidation pure and simple," he says on Fast Money, “which is being driven by the weak balance sheets of the banks. They’ve been cleaning them up by raising cash and they’re doing that by selling oil and other commodities.”

That suggests at least some investors are selling crude contracts even though they really don't want to be sellers.

"It’s really become a cascading trade," Armstrong adds. "We have to watch the technicals now. If we break through $125 we could see $117 next week."

I got out today, reveals Jeff Macke. The uptrend is broken now for the near-term.

Stay on the sidelines on Friday when Schlumberger reports, counsels Guy Adami, and that should tell you how to trade Baker Hughesand Halliburton ahead of their earnings.

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